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Registered number: 02355921









UNIQUE VACATIONS (U.K.) LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
COMPANY INFORMATION


 
Directors
K R Thompson 
S R Foster 
D Stefano 
J A Clarke 




Registered number
02355921



Registered office
2nd Floor, Nucleus House
2 Lower Mortlake Road

Richmond

TW9 2JA




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA




Solicitors
Fox Williams LLP
10 Finsbury Square

London

EC2A 1AF




Page 1

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
CONTENTS



Page
Strategic Report
3 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Profit or Loss and Other Comprehensive Income
11
Statement of Financial Position
12 - 13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Financial Statements
16 - 42
Detailed Profit and Loss Account and Summaries
42
Page 2

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their strategic report for the year ended 30 June 2023. 

Business review
 
The Company is required by the Companies Act to set out in this report, a fair review of the business of the Company during the financial year ended 30 June 2023, and its position at the end of the year along with a description of the principal risks and uncertainties facing the Company. This review is prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The directors are satisfied with the Company's performance during the year. The directors continue to scrutinise discretionary spending. The Company sought to match marketing spend to the size of the market. The directors expect the level of expenditure to increase in 2024 given the lack of pent up demand compared to recent years and increased competition from other destinations.
The key performance indicators used by the directors to monitor the progress of the Company are set out below:-


2023
2022
£
£
Key performance indicators
Revenue
6,507,280
5,442,478
Profit on ordinary activities before taxation
395,673
314,940
Profit on ordinary activities as a percentage of revenue
6.08%
5.79%

Monthly management accounts including full year forecasts are reviewed against budgets and prior years to monitor the business performance and to highlight required actions as appropriate.


Principal risks and uncertainties
 
The following risk factors may affect the Company's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Company. The directors do not feel that the risks in 2024 will be much different to those that were prevalent in 2023. The Company is monitoring the situation and will take all necessary actions to try and protect the Company's immediate trading performance and long-term position.
Credit risk
Due to the nature of the Company's business, whereby it provides services to group companies, credit risk is considered to be low. 
 
Page 3

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Principal risks and uncertainties (continued)
Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. However, if due to unusual circumstances this was insufficient, the Company could draw on support from within the wider group.
Foreign exchange rate exposure
The functional currency of the Company is sterling, however the Company undertakes transactions with suppliers in US Dollars. Consequently the Company is at risk to the extent that the Pound Sterling may weaken against the United States Dollar to which the Company needs to settle its costs. This risk is mitigated by other group members having prudent forward exchange contracts in place to hedge against exchange rate fluctuations.
Technology risk
The Company is heavily reliant on the uninterrupted operation of its IT systems and website. These systems are vulnerable to power loss, fire, computer viruses and other events. Loss of these systems would impair the ability of the Company to carry on its business effectively. The Company has made arrangements to mitigate this risk.
Interest rate risk
Interest rate risk is considered to be less of an issue for the Company as it is not reliant upon receiving interest in order to continue trading and also because it does not have any loans susceptible to changes in interest rates. The Company finances its operations through retained profits.

Future developments
 
The levels of business on the books for 2024 departures and beyond together with the announcements regarding new destinations and resorts for the Sandals brand, such as Saint Vincent and the Grenadines, lead the directors to believe that the Company will continue to grow.


This report was approved by the board on 8 November 2023 and signed on its behalf.



K R Thompson
Director

Page 4

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements, in accordance with applicable law.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The Company's principal activity continued to be the marketing and promotion of the Sandals and Beaches brands to the UK and European markets for package tours and hotel accommodation.

Results and dividends

The profit for the year, after taxation, amounted to £305,476 (2022 - £319,569).

No dividends will be distributed for the year ended 30 June 2023.

Page 5

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Directors

The directors who served during the year were:

K R Thompson 
S R Foster 
D Stefano 
J A Clarke 

Future developments

There have been no significant events affecting the Company since the year end. The UK economic situation has had a noticeable impact on consumer demand. The Company is also affected by the impact of lower exchange rates on US Dollar denominated products. 
During 2024, the Company will continue to operate as outlined in the principal activity note above.

Disclosure in the Strategic Report

The directors have provided commentary for the Review of Business and Analysis of Performance as well as the Principal Risks and Uncertainties in the Strategic Report in line with The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 November 2023 and signed on its behalf.
 



K R Thompson
Director
Page 6

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE VACATIONS (U.K.) LIMITED
 

Opinion


We have audited the financial statements of Unique Vacations (U.K.) Limited for the year ended 30 June 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 17 - 26. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:

We have confirmed that the Company continues to receive the backing and support of its parent company and larger group. As part of this evaluation, we have also sought comfort that the group which the Company is a part of can continue as a going concern and has sufficient reserves to continue in business for the forseeable future. We have also confirmed that the directors' assessment of the Company's ability to continue as a going concern covers a period of at least 12 months from the date of signing of these financial statements and that there have been no significant events that could affect the business since year-end. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 7

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE VACATIONS (U.K.) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Page 8

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE VACATIONS (U.K.) LIMITED (CONTINUED)


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
 
Page 9

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNIQUE VACATIONS (U.K.) LIMITED (CONTINUED)


- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 ("PTRs") and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We review the Company's relationships with related parties and other group companies, identifying and disclosing transactions during the year and balances at year-end with such parties;
- We conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

8 November 2023
Page 10

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023


Year ended
30 June
11 months ended
30 June
2023
2022
Note
£
£

  

Revenue
 6 
6,507,280
5,442,478

Gross profit
  
6,507,280
5,442,478

  

Administrative expenses
  
(6,102,972)
(5,115,211)

Profit from operations
  
404,308
327,267

  

Finance income
 10 
-
118

Finance expense
 10 
(8,635)
(12,445)

Profit before tax
  
395,673
314,940

  

Tax (expense)/credit
 11 
(90,197)
4,629

Profit for the year
  
305,476
319,569

Other comprehensive income:

 12 
-
-

  

  

Total comprehensive income
  
305,476
319,569

The notes on pages 17 to 42 form part of these financial statements.

Page 11

 
UNIQUE VACATIONS (U.K.) LIMITED
REGISTERED NUMBER: 02355921
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023


2023
2022
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 12 
428,009
616,665

Intangible assets
 13 
865
4,499

  
428,874
621,164

Current assets
  

Trade and other receivables
 14 
2,719,288
1,974,549

Cash and cash equivalents
 23 
62,315
114,975

  
2,781,603
2,089,524

Total assets

  

3,210,477
2,710,688

Liabilities

Non-current liabilities
  

Leasing liabilities
 16 
54,385
288,375

Deferred tax liability
 11 
13,871
9,059

  
68,256
297,434

Current liabilities
  

Trade and other payables
 15 
940,854
552,537

Leasing liabilities
 16 
317,891
282,717

  
1,258,745
835,254

Total liabilities
  
1,327,001
1,132,688

Net assets
  
1,883,476
1,578,000
Page 12

 
UNIQUE VACATIONS (U.K.) LIMITED
REGISTERED NUMBER: 02355921
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023


2023
2022
Note
£
£


Shareholders' Equity
 19 

Share capital
 18 
100
100

Retained earnings
  
1,883,376
1,577,900

TOTAL EQUITY
  
1,883,476
1,578,000

The financial statements on pages 3 to 42 were approved and authorised for issue by the board of directors on 8 November 2023 and were signed on its behalf by:



K R Thompson
Director

The notes on pages 17 to 42 form part of these financial statements.

Page 13

 
UNIQUE VACATIONS (U.K.) LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Share capital
Retained earnings
Total equity


£
£
£

At 1 August 2021
100
1,258,331
1,258,431

Comprehensive income for the year


Profit for the period
-
319,569
319,569

Total comprehensive income for the year
-
319,569
319,569

At 30 June 2022

100

1,577,900

1,578,000

At 1 July 2022
100
1,577,900
1,578,000

Comprehensive income for the year


Profit for the year
-
305,476
305,476

Total comprehensive income for the year
-
305,476
305,476

At 30 June 2023

100

1,883,376

1,883,476

The notes on pages 17 to 42 form part of these financial statements.

Page 14

 
UNIQUE VACATIONS (U.K.) LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
305,476
319,569

Adjustments for
  

Depreciation of property, plant and equipment
 12 
312,482
279,804

Amortisation of intangible fixed assets
 13 
3,634
3,974

Finance income
 10 
-
(118)

Loss on sale of property, plant and equipment
  
-
2,295

Income tax expense
 11 
90,197
(4,629)

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
46,322
(464,454)

Increase in trade and other payables
  
302,931
216,179

Increase in amounts owed from group companies
  
(791,061)
-

  

Income taxes paid
  
-
8,751

Net cash from operating activities

  
269,981
361,371

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
(33,864)
(45,901)

Purchase of intangibles
 13 
-
(1,485)

Interest received
  
-
118

Net cash used in investing activities

  
(33,864)
(47,268)

Cash flows from financing activities
  

Payments of lease liabilities
  
(288,777)
(239,555)

Net cash used in financing activities
  
(288,777)
(239,555)

Net cash (decrease)/increase in cash and cash equivalents
  
(52,660)
74,548

  

Cash and cash equivalents at the beginning of year
  
114,975
40,427

Cash and cash equivalents at the end of the year
 23 
62,315
114,975

The notes on pages 17 to 42 form part of these financial statements.

Page 15

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page



Page
1.
Accounting policies
17

13.
Intangible assets
37
2.
Reporting entity
26

14.
Trade and other receivables
38
3.
Basis of preparation
27

15.
Trade and other payables
38
4.
Functional and presentation 
28

16.
Loans and borrowings
39

currency


17.
Share capital
39
5.
Accounting estimates and 
28

18.
Reserves
40

judgments


19.
Leases
40
6.
Revenue
29

20.
Related party transactions
41
7.
Auditors' remuneration
29

21.
Controlling party
41
8.
Employee benefit expenses
30

22.
Notes supporting statement of 
42
9.
Directors' remuneration
30


cash flows
10.
Finance income and expense
31

23.
Capital management
42
11.
Tax expense
32

24.
Events after the reporting date
42
12.
Property, plant and equipment
35


































































































































Page 16

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies


1.1

Going concern

In assessing the Company's going concern position for the year ended 30 June 2023, the directors have considered the Company's cash flows, liquidity and business activities, including forecasts and budgets. The Company is a trading subsidiary of the group headed up by the ultimate parent company and has net current assets as at 30 June 2023. As a result of its business model, the Company is reliant on the continued financial support of the group and it has received written confirmation from Unique Vacations Inc, the ultimate controlling party, of its intention to support the Company for a period of at least 12 months after these financial statements are signed.
In making this assessment, the directors have considered the potential impact of the current economic climate on the cash flows and liquidity of the Company over the period to 31 October 2024.
The assessment reflects the current measures put in place by the Company to preserve cash whilst the cost of living crisis puts pressure on consumers and the value of Sterling.
Having completed these assessments, the directors' have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months. For these reasons and the written confirmation of financial support received from Unique Vacations Inc, they continue to adopt a going concern basis for the preparation of the financial statements. Accordingly these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the Company were unable to continue as a going concern.

Page 17

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)

 
1.2

Revenue and expense recognition

Revenue represents the amounts receivable by the Company for marketing support services which are provided to group companies. Revenue is measured based on the consideration specified in the Company's contracts with customers, excluding discounts, rebates and other sales taxes. Revenue is recognised as the performance obligations are satisfied.
Nature of goods and services
Marketing support revenue, net of discounts, includes revenue earned primarily from group companies for marketing services provided in the UK. The Company's performance obligations under these contracts are to provide marketing directed at UK consumers for the Sandals, Beaches and Grand Pineapple Resort brands in exchange for the invoiced transaction price. The Company engages third parties to fulfill obligations to group companies, but retains the ultimate risks of fulfilment and generally has discretion to select the acceptable advertisement and absorbs the risk of cost fluctuations. The Company satisfies the performance obligations and recognises revenue pro-rata over the service period.
Payment Terms and Deferred Revenue
Payment terms and cancellation policies are broadly standard.
Administrative expenses
Administration costs include marketing costs, employee costs, office expenses, professional services and other administrative costs. Marketing costs include media advertising, brochure production, direct mail costs, promotional expenses, search engine marketing and other costs that support the ongoing development of the Company's brand and customer database. Marketing costs are expensed as incurred. Television advertising and exhibition costs are deferred until they take place. Office expenses include rent expense, utility costs, office supplies and telecommunication costs. Professional service fees include costs for accounting services, legal services and information technology consulting services. Other administrative costs include corporate insurance, postage and other sundry expenses. Employee costs, office expenses, professional service fees and other administrative expenses are expensed as incurred. Rent is recognised as expense on a straight-line basis over the lease term. Total administrative expenses for the periods ended 30 June 2023 and 30 June 2022 were £6.1million, and £5.1million, respectively.

Page 18

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)

  
1.3

Leasing

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.


The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in the 'Leasing liabilities' line in the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Company has elected not to assess whether rent concessions occurring as a direct consequence of the COVID-19  pandemic are lease modifications.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
 
Page 19

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)


1.3
Leasing (continued)


 The Company as a lessee (continued)


The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 1.8.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
1.4

Foreign currency

In preparing the financial statements of the Company, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for:
exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
exchange differences on transactions entered into in order to hedge certain foreign currency risks; and
exchange differences on monetary items receivable from or payable to foreign operations for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

For the purposes of presenting these financial statements, the assets and liabilities of the Company's foreign operations are translated into pounds using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity (and attributed to non-controlling interests as appropriate).







Page 20

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)


1.5

Finance costs

Finance costs are charged to the Statement of Profit and Loss and Other Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other finance costs are recognised in profit or loss in the period in which they are incurred.

  
1.6

Employee benefits


Short-term and other long-term employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting date.

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Profit and Loss and Other Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.


(i) Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Page 21

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)


1.7
Taxation (continued)


(ii) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.


(iii) Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

Page 22

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)

 
1.8

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:

Leasehold improvements
- shorter of remaining lease period and 10 years
Fixtures and fittings
- 25% straight line
Computer equipment
- 25% straight line
Right of use assets
- over the lease term

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 
1.9

Intangible assets


Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

Computer software
- 25% straight line


1.10

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Page 23

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)

 
1.11

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

 
1.12

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets include cash and cash equivalents, trade receivables, other receivables, loans and derivative financial instruments. Those relevant to the Company are trade and other receivables, which are recorded at their nominal amount less an allowance for any doubtful debts, and cash and cash equivalents which are also recorded at their nominal amount. These financial assets are classified as loans and receivables and so are carried at amortised cost. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial liabilities include trade and other payables, accruals, finance debt and derivative instruments. Those relevant to the Company are trade and other payables and accruals which are stated at their nominal value. These financial liabilities are initially recognised at fair value and are then subsequently measured at amortised cost. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised in the statement of profit or loss.
Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.

 
1.13

Financial assets

All regular purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

Page 24

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)

 
1.14

Financial liabilities and equity instruments


(i) Classification as debt or equity

Debt and equity instruments issued by an entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.


(ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by an entity are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.


(iii) Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at fair value through profit or loss ("FVTPL").

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are subsequently measured at amortised cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.
 
Page 25

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.Accounting policies (continued)


1.14
Financial liabilities and equity instruments (continued)


(iii) Financial liabilities (continued)


Foreign exchange gains and losses

For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the 'finance income' or 'finance expense' line item, for gains and losses respectively, in profit or loss for financial liabilities that are not part of a designated hedging relationship.

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss for financial liabilities that are not part of a designated hedging relationship.



Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.

  
1.15

Interest income

Interest income is recognised in the Statement of Profit and Loss and Other Comprehensive Income using the effective interest method.


2.


Reporting entity

Unique Vacations (U.K.) Limited (the 'Company') is a private company, limited by shares, incorporated in England and Wales. The Company's registered office is at 2nd Floor Nucleus House, 2 Lower Mortlake Road, Richmond, TW9 2JA. The Company's principal activity is that of marketing and promotion of the Sandals and Beaches brands to the UK and European markets for package tours and hotel accommodation.

Page 26

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 08 November 2023.

Details of the Company's accounting policies, including changes during the year, are included in note 1.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


3.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.


Items

Measurement basis


Intangible assets
Cost less accumulated amortisation

Property, plant and equipment
Cost less accumulated amortisation

Deferred taxation
Fair value


3.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 July 2022

The Company has not adopted any new accounting standards during the year.

ii) 

New standards, interpretations and amendments not yet effective

The following standards and interpretations to published standards are not yet effective:


New standard or interpretation

EU Endorsement status

Mandatory effective date (period beginning)


IFRS 17 - Insurance contracts
Endorsed for use in the EU
1 January 2023

IFRS 17 'Insurance Contracts' ("IFRS 17") was issued in May 2017 and introduces a single accounting model for the recognition of profits from insurance contracts for companies providing insurance services. IFRS 17 will be effective for periods beginning on or after 1 January 2023, however because the Company does not act as an insurer, it does not expect the standard to have a significant impact on its financial statements.



Page 27

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Functional and presentation currency

These financial statements are presented in British Pounds Sterling (GBP), which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.


5.


Accounting estimates and judgments

5.1 Judgment

Amortisation rates

The directors have made judgements when determining the useful economic life of goodwill and other intangible assets. Amortisation is recognised so as to write off the value of the assets over the life that economic benefit is expected to flow.

Impairment

At the period end, the directors have considered whether there is any indication that intangible assets, property, plant and equipment are impaired and have conducted an impairment review in respect of those assets. Management have utilised discounted cashflow forecasts to calculate a value in use in respect of these assets and have concluded that no impairment indicators exist and therefore no impairment charge is required in the financial statements for the year ended 30 June 2023.


5.2 Estimates and assumptions

Use of estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. The effect of the use of estimates in these financial statements is not material.

Page 28

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


Year ended
30 June
11 months ended
30 June
2023
2022
£
£


Services to group companies
6,507,280
5,442,478


Analysis of revenue by source market:

Year ended
30 June
11 months ended
30 June
2023
2022
£
£


United Kingdom
6,507,280
5,442,478

The whole of the turnover is attributable to the principal activity of the Company wholly undertaken in the United Kingdom.


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


Year ended
30 June
11 months ended
30 June
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

8,530
8,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 29

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Employee benefit expenses

Year ended
30 June
11 months ended
30 June
2023
2022
£
£

Employee benefit expenses (including directors) comprise:

Wages and salaries
3,423,542
3,033,135

National insurance
490,447
427,008

Defined contribution pension cost
146,558
113,949

4,060,547
3,574,092


The monthly average number of persons, including the directors, employed by the Company during the year was as follows:


Year ended
30 June
11 months ended
30 June
2023
2022
No.
No.

Management staff
4
4

Sales staff
15
11

Marketing & product development
15
10

Operations & customer service
2
3

Other
14
18

50
46


9.


Directors' remuneration

2023
2022
£
£


Directors' emoluments
834,343
875,696

Company contributions to pension schemes
50,070
36,580

884,413
912,276


In the opinion of the directors there are no members of key management personnel other than the directors themselves.

Page 30

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Finance income and expense

Recognised in profit or loss


Year ended
30 June
11 months ended
30 June
2023
2022
£
£
Finance income

Interest on:
- Bank deposits
-
118


Total finance income

-
118

Finance expense

Lease interest payable
8,635
12,445

Total finance expense
8,635
12,445


Net finance expense recognised in profit or loss
(8,635)
(12,327)






Page 31

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Tax expense

11.1 Income tax recognised in profit or loss


Year ended
30 June
11 months ended
30 June
2023
2022
£
£

Current tax

Current tax on profits for the year
85,385
55,436

Adjustments in respect of prior years
-
(8,634)

Group tax relief
-
(55,436)

Total current tax
85,385
(8,634)


Deferred tax expense

Origination and reversal of timing differences
4,812
4,005

Total deferred tax
4,812
4,005


90,197
(4,629)

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


Year ended
30 June
11 months ended
30 June
2023
2022
£
£


Profit for the year
305,476
319,569

Income tax expense/(credit)
90,197
(4,629)

Profit before income taxes
395,673
314,940


Tax using the Company's domestic average tax rate of 20.5% (2022:19%)
81,113
59,839

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
7,123
2,654

Capital allowances for the year in excess of depreciation
(2,851)
(7,057)

Adjustments to tax charge in respect of prior periods
-
(8,634)

Movement in deferred taxation
4,812
4,005

Losses claimed from group companies
-
(55,436)

Total tax expense
90,197
(4,629)

Page 32

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.Tax expense (continued)


11.1 Income tax recognised in profit or loss (continued)

Changes in tax rates and factors affecting the future tax charges

Changes to the UK corporation tax rates were enacted as part of Finance Bill 2021 (on 11 March 2021). These included increases to the main rate of tax from 19% to 25% from 1 April 2023 for profits exceeding £50,000. Deferred taxes at the Statement of Financial Position date have been measured using the rates that will be applicable in the periods to which they relate. Due to the change occurring during the financial year, the effective tax rate applied for the year was an average of 20.50%
There were no factors that may affect future tax charges at 30 June 2023.

11.2 Current tax assets and liabilities

Year ended
30 June
11 months ended
30 June
2023
2022
£
£

Current tax assets

Corporation tax repayable
-
73,830

Current tax liabilities

Corporation tax payable
11,555
-

11,555
-

Page 33

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.Tax expense (continued)

11.3 Deferred tax balances

The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:


Year ended
30 June
11 months ended
30 June
2023
2022
£
£


Deferred tax liabilities
(13,871)
(9,059)

(13,871)
(9,059)




Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2023
Property, plant and equipment

(9,059)

(4,812)

(13,871)



(9,059)


(4,812)


(13,871)





Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2022
Property, plant and equipment

(5,054)

(4,005)

(9,059)



(5,054)


(4,005)


(9,059)


Page 34

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Property, plant and equipment





Improvements to property
Fixtures, fittings & equipment
Computer equipment
Right of use assets
Total

£
£
£
£
£



Cost or valuation







At 1 August 2021
3,117
6,997
145,454
833,310
988,878


Additions
-
3,515
42,386
-
45,901


Disposals
(3,117)
(5,039)
(33,244)
-
(41,400)



At 30 June 2022
-
5,473
154,596
833,310
993,379


Additions
-
1,888
31,976
89,962
123,826



At 30 June 2023
-
7,361
186,572
923,272
1,117,205


Improvements to property
Fixtures, fittings & equipment
Computer equipment
Right of use assets
Total

£
£
£
£
£



Accumulated depreciation and impairment







At 1 August 2021
1,623
6,185
105,060
23,147
136,015


Charge - owned for the year
585
918
23,681
-
25,184


Charge - financed for the year
-
-
-
254,622
254,622


Disposals
(2,208)
(4,683)
(32,216)
-
(39,107)



At 30 June 2022
-
2,420
96,525
277,769
376,714


Charge - owned for the year
-
1,253
27,228
-
28,481


Charge - financed for the year
-
-
-
284,001
284,001



At 30 June 2023
-
3,673
123,753
561,770
689,196



Net book value


At 1 August 2021
1,494
812
40,394
810,163
852,863


At 30 June 2022
-
3,053
58,071
555,541
616,665


At 30 June 2023
-
3,688
62,819
361,502
428,009

Page 35

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.Property, plant and equipment (continued)


12.1. Assets held under leases


The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of Financial Position is as follows:

30 June 2023
30 June 2022
£
£


Property, plant and equipment owned
66,507
61,124

Right-of-use assets, excluding investment property
361,502
555,541

428,009
616,665

Information about right-of-use assets is summarised below:

Net book value

30 June 2023
30 June 2022
£
£

Offices
277,770
555,541

Motor vehicles
83,732
-

361,502
555,541

Depreciation charge for the period ended

30 June 2023
30 June 2022
£
£

Offices
277,770
254,622

Motor vehicles
6,231
-

284,001
254,622

Page 36

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Intangible assets





Computer software

£



Cost



At 1 August 2021
25,912


Additions - external
1,485


Disposals
(11,116)



At 30 June 2022
16,281



At 30 June 2023
16,281


Computer software

£



Accumulated amortisation and impairment



At 1 August 2021
18,923


Charge for the period - owned
3,975


Disposals
(11,116)



At 30 June 2022
11,782


Charge for the year - owned
3,634


At 30 June 2023
15,416



Net book value


At 1 August 2021
6,989


At 30 June 2022
4,499


At 30 June 2023
865

Page 37

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Trade and other receivables


2023
2022
£
£


Current

Amounts owed by group undertakings
2,444,512
1,653,451

Prepayments and accrued income
183,229
171,268

Other receivables
91,547
149,830

Total current trade and other receivables
2,719,288
1,974,549

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


15.


Trade and other payables


2023
2022
£
£


Current

Trade payables
118,079
79,048

Other payables
76,631
-

Accruals
734,589
473,489

Tax and social security payables
11,555
-

Total current trade and other payables
940,854
552,537

Page 38

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


Financial liabilities - leasing

The book value and fair value of loans and borrowings are as follows:


Book value
Fair value
Book value
Fair value
2023
2023
2022
2022
£
£
£
£

Non-current

Lease liabilities
54,385
54,385
288,375
288,375

Current

Lease liabilities
317,891
317,891
282,717
282,717

Total loans and borrowings
372,276
372,276
571,092
571,092

The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost approximates fair value.


17.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £146,558 (2022 - £113,949). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date and are included in other payables.

18.


Share capital

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 July and 30 June
100

100

100
 
100
 

The ordinary shares of £1 each carry full voting rights, full dividend rights and full rights to participation in any capital distribution on winding up.

Page 39

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

19.


Reserves


The Company's reserves at 30 June 2023 can be analysed as follows:

Retained earnings

Retained earnings represents all current and prior period retained profits and losses, less any dividends paid to the Company's parent.


20.


Leases




(i) Leases as a lessee



The Company leases one office building, two vehicles and also has two significant lease agreements in respect of office equipment. The office lease has a non-cancellable term of 3 years ending in 2024. The vehicle leases both have non-cancellable terms of 3 years ending in 2026. The office equipment leases have non-cancellable terms of 5 years ending in 2024 and 3 years ending in 2025 respectively.


Lease liabilities are due as follows:

2023
2022
£
£

Contractual undiscounted cash flows due

Not later than one year
317,891
282,717

Between one year and five years
54,385
288,375

372,276
571,092


Lease liabilities included in the Statement of Financial Position at 30 June
372,276
571,092


Non-current
54,385
288,375

Current
317,891
282,717

Lease repayments during the period amounted to £299,883 (2022 - £252,000). 
Total operating expenses related to short-term leases and leases for low-value assets for the year ended 30 June 2023 were £2,471. Operating expenses related to variable lease payments for the year ended 30 June 2023 were £Nil.


The following amounts in respect of leases have been recognised in profit or loss:


2023
2022
£
£

Interest expense on lease liabilities
8,635
12,445

Page 40

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

21.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

21.1 Trading transactions


During the year, the Company entered into the following trading transactions with related parties:



Sales of goods
2023
2022
£
£


Unique Travel Corp. - Agreed cost plus arrangement
6,315,280
5,266,478

Unique Caribbean Holidays Limited - Management recharges and marketing services
192,000
176,000

Unique Caribbean Holidays Limited - Recharged overheads
235,610
169,541

6,742,890
5,612,019

The following balances were outstanding at the end of the reporting period:



Amounts owed by related parties
2023
2022
£
£


Unique Travel Corp.
2,444,512
1,653,451

Unique Caribbean Holidays Limited
-
-

2,444,512
1,653,451


22.


Controlling party

The Company's immediate parent undertaking is Unique Vacations Inc, a company incorporated in Panama. The Company is a wholly-owned member of Unique Vacations Inc whose registered office address is Calle Aquilino de la Guardia, No.8, IGRA Building, PO Box 87-1371, Panama 7, Republic of Panama.

Page 41

 
UNIQUE VACATIONS (U.K.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

23.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
62,315
114,975

Cash and cash equivalents in the statement of financial position

62,315
114,975


Cash and cash equivalents in the statement of cash flows
62,315
114,975


24.


Capital management

The Company's capital management objectives are to ensure the Company's ability to continue as a going concern, so it can provide returns to shareholders and benefits to other stakeholders.
This is achieved by pricing products commensurably with the level of risk and ensuring sufficient bank and other facilities are in place, and collecting customer deposits in a timely manner.

The Company is not subject to any externally imposed capital requirements.


25.

Events after the reporting date

There have been no significant events affecting the Company since the year end. The UK economic situation has had a noticeable impact on consumer demand. The Company is also affected by the impact of lower exchange rates on US Dollar denominated products. 
During 2024, the Company will continue to operate as outlined in the principal activity note.

-
Page 42